Real Estate Terms A

Abstract (of Title) - A public records summary relating to the title of a particular piece of property. Before a buyer can purchase a clear, marketable and insurable title,  any title defects must be cleared.  See Cloud on Title.

Accessory Building - A separate structure from the main structure on a property. Usually a workshop, garage or storage shed.

Accredited Buyer Representative - The ABR® designation by the Real Estate Buyers Agent Council (REBAC) of the National Association of Realtors® certifying excellence in buyers representation.  Recipients of the accreditation have met certain additional educational and practical experience set by the NAR.

Accretion - The natural growth of a piece of land resulting from natural forces.

Acre - A measurement of area.  An acre is 43,560 square feet.

Actual Age - The amount of time that has passed since a structure was built.

Addendum - A supplement to any document that contains additional pertinent information. Appraisers typically use an addendum to further document things when isn't enough space on the appraisal form.

Age Restricted - Community where the owner of the property must be over the age of 55.  Some communities have further age restrictions as to the occupants of the property.

Agreement of Sale - Also known as contract of purchase or purchase agreement. A contract to purchase with specific terms spelled out in writing that is signed and agreed to by both parties.

Amenity - Any feature of a property that increases its desirability or monetary value. For example, view or promixity to lakes or mountains, parks and swimming pools.

Andalusian - An architectural style named after a part of Spain based on Moorish design featuring traditional glazed tiles and ornate iron coverings over the windows.

Appraisal - A dollar figure given to a  property by an appraiser, based on an analysis of the property and of completed sales of similar properties in the same area.

Appraised Value - A dollar figure given to a  property by an appraiser, based on an analysis of the property, completed sales of similar properties in the same area, the appraiser's knowledge and experience.

Appraiser - An individual qualified by education, training and experience to estimate the market value of real property.

Appreciation - The rise in value of a property due to changes in market conditions as well as other conditions.

Assessed Value - The valuation placed by the public tax assessor on property for purposes of taxation.

Assessment - Establishing a value on property for the basis of taxation.

Assessment Report - The report appraisers use to record market analysis, property values and any important information regarding the appraised property.

Assessor - Public official who assesses the value of a property for the basis of taxation.

Asset - Any item of value owned by an individual, like real estate, bonds, personal property and stocks.

Assignment - The transfer of  ownership of your mortgage from one company to another.

Attached Housing - Any number of dwellings that are physically attached to one another, but are owned and occupied by different people.